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05/07/24
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Technical Outlook on the Performance of Binance Coin (BNB)
The chart of BNB/USD shows that the bears were able to initiate a steady move to the downside from the barrier level at $580 over the past few days. The bears took over the market and there was a downside move beneath the support area at $500.
The price of BNB has declined by more than 20 percent as the bears ensured a spike beneath the support level at $475. BNB has hit levels as low as $466.1 and there are several signs of bearish moves. The performance of BNB is quite beneath the 23.6% Fibonacci correction level of the fall from $580 swing high to $466 low, with rare signs of recovery.
A look at its 1-hour chart shows that its current performance is beneath $500, as well as below the 100 SMA. The ability of the bulls to initiate a recovery wave may bring about a move to the barrier level close to $485. The immediate barrier level is close to $492. The same chart shows the formation of a connecting declining trend line with a barrier level at $495.
The ability of the bulls to push BNB clearly past the $495 area may bring about more upside moves. In this situation, BNB may be able to visit $520 or the 50% Fibonacci correction level of the fall from $580 swing high to $466 low.
If BNB closes past the barrier level at $520, the bulls may be able to pave the way for a more significant upside move towards the barrier level at $535. If there are any additional gains, they may bring about a visit to $550 over the coming several sessions.
On the other hand, the failure of the bulls to push BNB clearly past the barrier level at $492 may empower the bears to keep its performance towards the downside. The first support level on the way downward is close to $465.
The immediate key support level is close to $455, while the main support level is located at $450. If BNB breaks beneath the support level at $450, the bears may be able to initiate a fall towards the support level at $432. If there are any additional losses, they may pave the way for a more significant downside move towards $420.
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